Tui Group today confirmed the completion of the €1.2 billion sale of Hapag-Lloyd Cruises.

Hamburg-based Tui Cruises, a joint venture with Royal Caribbean Group, is acquiring the seven-ship luxury and expedition line.

The joint venture, which has developed since 2008, will be expanded as planned with the deal which was agreed in February prior to the Covid-19 pandemic shutting down global cruise operations.

Tui Group said: “All approvals including merger clearance by the EU commission have now been fulfilled.

“The transaction is closed in a difficult market environment on the terms and conditions agreed.

“The transfer of the individual Hapag-Lloyd Cruises vessels to the joint venture will be completed in the coming days.”

The fleet consists of two luxury cruise ships – MS Europa and MS Europa 2 – and three expedition cruise vessels.

A further expedition ship is already under construction and will be delivered in 2021, replacing MS Bremen.

Tui Cruises’ fleet comprises seven ships serving German-speaking markets.